The board of directors at Macau-focused property investment firm Speymill Macau Property Company have been removed as a result of an extraordinary general meeting held this week.
Larry Kearns, Peter Churchouse, Swen Lorenz , Ken Deayton and Jerry Linehan were removed with immediate effect after the meeting, which was called by one of its major shareholders, Worldwide Opportunities Fund.
The AiM-listed, London-based company, which invests predominantly in residential properties, told the junior stock exchange that the directors would be replaced with Worldwide directors Howard Golden, Filip Montford and Yarden Mariuma. Golden, Speymill said, was appointed as non-executive chairman of the board on a temporary basis, until an independent replacement is found. Worldwide is a firm managed by Prague-based emerging markets specialist Terra Partners
Other major shareholders in the company include Invesco Perpetual, with 32.1 percent of shares, and Insight Investment Management, with 17.3 percent.
The removal of the board comes more than three months after the company unfroze its shares following a nearly three month suspension. As it did so, it reported a trading loss, before tax, share-based payments and “exceptional items” of £4.8 million (€5.33 million; $7.03 million at the time) because of, what it described as, poor performance from its construction arm. It froze the shares in anticipation of the loss.
Shares in the firm, which has $328.5 million in assets on its books, rose by 6.45 percent to $0.66.